New low for EUR/USD?
Euro is trading in a bear trend well below its main moving averages and oscillators in negative territory which indicates more downside pressure in the days ahead.
After failing to recover beyond 1.133 resistance it is now trading near 1.125 approaching 78.6% fibo level of the recent up move.
In my opinion it may retest the recent trend line near 1.13 figure but the big picture remains down as long as the pair is trading in the down channel shown on the chart targetting YTD lows (1.117) and further below.
Good luck
After failing to recover beyond 1.133 resistance it is now trading near 1.125 approaching 78.6% fibo level of the recent up move.
In my opinion it may retest the recent trend line near 1.13 figure but the big picture remains down as long as the pair is trading in the down channel shown on the chart targetting YTD lows (1.117) and further below.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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